• Recent analysis from Kaiko attributes the increase in volume to yen market instability.
• Japanese Prime Minister Kishida stressed Web3’s potential for social transformation.

Southeast Asian traders and investors have been heavily involved in the crypto sector. The amount of trading on Japanese exchanges increased by more than 60 percent last month compared to the start of 2023. Recent analysis from Kaiko attributes the increase in volume to yen market instability.

The yen’s value versus the dollar has plummeted during the last year and a half. As a consequence of its high degree of volatility investors in Japan have moved toward crypto.

Push for Web3 Adoption

Key personalities such as Koichi Hagiuda, chairman of the Policy Research Council for Japan’s Liberal Democratic Party, and Japanese Prime Minister Fumio Kishida spoke at the WebX Conference, the biggest worldwide conference focused on digital technology in Asia.

Hagiuda, according to a report by local media, emphasized Japan’s established regulatory framework and dedication towards nurturing Web3’s development as an example of why the country is so supportive of the technology.

On the other side, Japanese Prime Minister Kishida stressed Web3’s potential for social transformation, expressing his hope that the conference will inspire new internationally significant initiatives, especially in the Metaverse domain.

The Liberal Democratic Party in Japan released a paper in April outlining strategies for expanding the country’s crypto business. Among their proposals are reforms to tax policy, clarifications to accounting standards, and the establishment of a legal framework for decentralized web3 firms.

Prime Minister Fumio Kishida’s “Cool Japan” technology promotion policy includes these proposals, which seek to cement Japan’s position as a crypto-friendly jurisdiction while also reiterating the country’s status as a global leader in both neutral and responsible technological advancement.

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